Wednesday, December 3, 2008

Saving Money

It's Money Week at NewMoonGirls.com! Personal finance management is an important topic to think about, especially since women have traditionally had a more difficult being financially independent from men. It's important to develop good saving habits and strategies early on in your life, so that you can be financially secure later on! Here are a few tips for saving and spending:

1. Keep track of where your money comes from, and also where it's going. Each time you are about to make a purchase, ask yourself if it's something that you really need or want.

2. Make saving money a priority. Every time you get an allowance or receive money from a relative for a holiday or birthday, choose to save a percentage of the total amount (such as half) and put it aside.

3. Open up a savings account. Many banks offer free accounts for students and kids under the age of 18. Having an account allows you to track your money, as well as earn interest on the money you put in. Also, this will put you on the track to developing financial independence!